Coeptis shares plunge 40% on merger with Dogecoin miner Z Squared

PANews reported on April 25 that according to The Block, Coeptis Therapeutics announced on Friday a merger agreement with Z Squared, a Dogecoin mining enterprise. After the transaction is completed, Z Squared will become a wholly-owned subsidiary of Coeptis, and Coeptis will transform into a key player in the digital asset mining field. According to the agreement, Coeptis will acquire Z Squared's 9,000 Dogecoin mining devices through a stock swap. The new entity will focus on expanding the Dogecoin mining business. This merger is expected to be completed in the third quarter, pending regulatory approval and shareholder voting. Meanwhile, Coeptis will initiate a major restructuring, spinning off its biopharmaceutical department focusing on cancer, autoimmune diseases, and infectious disease treatments to operate independently, while retaining the technical department in the new company. The announcement stated that for shareholders, the merger offers an opportunity to participate in the Dogecoin market while maintaining a connection with Coeptis' biopharmaceutical assets. Coeptis is listed on Nasdaq with the stock code COEP. Affected by the merger news, the company's stock price plummeted nearly 40%, with a current market value of approximately $32 million.